SWVL, a well-funded start-up in the Middle East, solved the mass transportation problem in emerging markets with a unique bus-hailing model. In March 2020, with 150,000 bookings in one day across its operating geographies, it reached its highest utilization rate and gross profit margin. Then Covid-19 hit. SWVL’s first reaction was to shut down operations and hunker down.

The case provides an alternative view of the antitrust dilemma facing Lina Khan, newly appointed commissioner of the US Federal Trade Commission. Her nomination to the FTC by President Biden sent a clear signal to tech giants like Amazon, Facebook and Google that their enormous power would be reined in by his administration.